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Friday,27-May-2022

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National Green Tribunal restrains Himachal Pradesh governmentt from proceeding with Draft Development Plan, 2041

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The National Green Tribunal has restrained the Himachal Pradesh government from going ahead with Draft Development Plan, 2041, which allows rampant construction in the hilly state.

“We find the observations and proposals in the plan of the state of HP to be patently illegal in view of submissions noted above,” NGT Chairperson Justice Adarsh Kumar Goel said after hearing a plea filed by Yogendra Mohan Sengupta, a Shimla-based environmentalist.

The plea was challenging the Draft Development plan on the ground that it is contrary to the sustainable development principle and destructive to the environment and public safety.

The petitioner relied upon the Expert Committee reports based on NGT’s 2017 order which has already issued regulatory measures required to be adopted in terms of the number of floors, and restrictions on constructions in core green areas.

In the order, the tribunal said, if the state proceeds in such a manner, not only it will damage rule of law, it may result in disastrous consequences for the environment and public safety.

“It is not expected from a lawful government that has to work as per law and the Constitution and not at its fancies as appears to be the case,” read the order dated May 12.

Pulling up the Chief Secretary of the state, the tribunal said: “Chief Secretary should be personally held liable for prosecution for such patent illegal acts of the State authorities.”

Also, issuing show-cause notices to the respondents, the bench directed the state to file their responses within one month. The Tribunal also said that the applicant might serve a set of papers on the Chief Secretary to file an affidavit of service within one week, stating meanwhile, it restrains the Himachal Pradesh Town and Country Planning Department from taking any further steps in pursuance of the Draft Development Plan, 2041.

The matter will be further heard on July 22. The plea contended that the earlier directions of the tribunal are still holding the field. It said the draft plan is an illegal and ill-conceived effort to violate the binding directions of the Tribunal under Section 15 of the NGT. Under Section 33 of the said Act, the NGT Act has overriding effect over any other law in force.

Violating such directions is a criminal punishable offence under Section 26 of the NGT Act. Heads of concerned Departments of the State are liable to be prosecuted for such offence under Section 28 of the said Act, it stated.

Business

Sacked fund manager slaps legal notice on Axis Mutual Fund

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Fund manager and Chief Dealer at Axis Mutual Fund, Viresh Joshi, who was sacked last fortnight, has served a legal notice to the company challenging what he terms as his illegal termination.

Joshi was first suspended and later relieved of his charge on May 18, as per a statement issued by the AMF on May 19, for his purported role against allegations of ‘front-running’ (or, tailgating) at the company which conducted an internal probe into the matter.

He has hired leading law firm, Mansukhlal Hiralal & Co. to challenge his termination order.

Confirming the development, lawyer Chirag M. Shah told IANS: “We are in communication with Axis Mutual Fund on behalf of our client Viresh Joshi and have duly replied to the unlawful termination notice.”

Shah added that AMF terminated Joshi unceremoniously on unsubstantiated charges of alleged ‘front-running’ and he has sent a notice to the company against the unlawful termination.

The AMF further stated that it had been conducting a suo moto internal investigation into the issue since February 2022 using a reputed external advisor to assist with the ongoing probe.

“Further to our investigation, his conduct and following the decision to suspend him, the employment of Mr. Viresh Joshi has been terminated with effect from May 18, 2022,” said the company.

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Reliance subsidiary SankhyaSutra unveils ‘make in India’ software at Drone fest

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Bengaluru-based subsidiary of Jio Platforms, SankhyaSutra Labs, which makes high-fidelity multi-physics and aerodynamics simulation software, on Friday showcased its products and solutions at the ‘Drone Festival of India 2022’.

According to the company, achieving accurate simulation of turbulent flows often required in aerospace and defence designing is a challenging task due to the involvement of multiple scales of swirling motions, also known as vortices.

SankhyaSutra Labs said it develops next-generation high-fidelity CFD tools that do not use approximate turbulence models.

“When we speak about self-reliance in defence, we often tend to focus on the ability to manufacture various hardware components indigenously,” Dr Sunil Sherlekar, CEO at SankhyaSutra Labs, said in a statement.

“This journey towards self-reliance would be incomplete without indigenous design tools, which are the key enablers of this journey. At SankhyaSutra, we are developing deep technology for India and the world,” he added.

Incubated in 2015, SankhyaSutra Labs has its R&D centre in Bengaluru with target customers across the globe.

The company has planned a major product launch in October this year.

“Accurate and reliable simulations can potentially reduce the need for expensive and time-consuming experiments, such as wind tunnel experiments, which are used in the designing of aircrafts,” said Dr Vinay Kariwala, VP Business Development at SankhyaSutra Labs.

Reliance Industries Ltd had acquired an 83 per cent stake in SankhyaSutra Labs in 2019, with an investment of Rs 216 crore.

Prime Minister Narendra Modi inaugurated the two-day ‘Bharat Drone Mahotsav 2022’ in the capital.

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India Cements to monetise land, increase price by Rs 55 per bag

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Cement major India Cements Ltd will monetise some of its land to settle its debt and for capital expenditure, said a top company official.

He also said, in order to recover production costs that went up owing to drastic increase in coal prices, the company will be increasing the cement prices by Rs 55 per bag in three phases between June and July.

Speaking to reporters here on Friday N. Srinivasan, Vice Chairman and Managing Director said the company would monetise surplus land for repayment of loan and for some capital expenditure.

“We are not in distress sale mode. We have about 26,000 acres of land in Andhra Pradesh and Tamil Nadu. The lands are of different categories,” Srinivasan said.

According to him, the company has to repay about Rs 500 crore of its debt and to that extent land monetisation would happen.

India Cements total debt at the end of last fiscal was about Rs 3,000 crore.

The capital expenditure is not much except for some balancing equipment and waste recovery plant in Chilamkur in Andhra Pradesh.

Srinivasan said the company would increase the cement prices by Rs 55 per bag in three parts — Rs 20 on June 1, Rs 15 on June 15 and Rs 20 on July 1.

He said the company’s products are already premium priced.

According to Srinivasan, the consumer has a choice as cement bags are now available in the price points ranging between Rs 320-450.

When queried that other cement players had expressed their plans to reduce their selling prices Srinivasan remarked: “Don’t compare. All costs have gone up. If I don’t increase the prices, I will runup huge losses.”

With a slow recovery in the southern markets further affected by record rains and floods in the previous quarter, the selling price of cement was under constant pressure resulting in uncompensated increase in the cost of production.

This was further compounded by the reduction in volume as the company as a prudent policy withdrew from the far off markets to focus on home markets.

Meanwhile, the company closed last fiscal with a total income of Rs 4,729.83 crore (FY21 Rs 4,460.12 crore) and a net profit of Rs 38.98 crore down from Rs 222.04 crore logged in FY21.

The company Board has recommended a dividend of Re.1 per share of Rs.10 each.

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